London has held onto the top spot as the world’s leading financial centre. In a ranking that surveys industry professionals, extending its lead over both New York and Singapore, despite ongoing uncertainty about the consequences of Brexit. However, political uncertainty from Brexit and the US election has had an “enormous impact” on the state of affairs, as London gain the title ‘World’s Top Financial City’.
Global Head Of Investment Banking, based in London quoted; “The British Crown Dependencies are seen as a safe haven from the turmoil in UK and EU.”
London has been a leading international financial centre since the 19th century. For much of this time, it has been a major centre of lending and investment around the world, and during the late 20th century played an important role in the development of new financial products such as the Eurobond market in the 1960s and derivatives in the 1990s.
Today 2017 London has exploded the financial market and retained the crown as the world’s top financial centre. With the UK’s prime minister is set to trigger Article 50 on Wednesday, and start Brexit talks, much is still yet to be determined on Britain’s future relationship with the EU.
Mark Yeandle, associate director of the Z/Yen Group and the author of the GFCI, said: “We live in uncertain times and financial professionals hate uncertainty. Brexit has caused uncertainty in Europe and the election of Donald Trump has caused uncertainty globally.”
It now feels everyone wants to get in with London’s top title… According to a New York based, Venture Capitalist said, “We now have an office in LA, but we are also going into Europe now – London is the place to be for FinTech regardless of what they say about Brexit.”
An Investment Banker, based in Tokyo, added, “If you are a global bank you have to be in all of the top five centres.”